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What interest rate would you need to be earned

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Question - You borrow $50,000 today. If the interest rate is 6 percent compounded monthly and you make monthly payments of $250, how long will it take you to pay off your loan?

Your retirement account has a current balance of $50,000. What interest rate would you need to be earned in order to accumulate a total of $1,000,000 in 30 years, by adding $8,000 annually?

Reference no: EM132894638

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